I disagree. If you take the time to read the prelim proxy filed at sec.gov, they clearly state that they have no intention of issuing additional shares. My theory is this, they are simply raising the ceiling for the future, if they ever elect to do another 3 for 1 split. The proxy states that this split requires a meeting because the maximum share count listed in the letter of incorporation is 20 million. If they boost it to 150 million, it gives them the ability to do a 3 for 1 split, bringing the issued to 45 million, and in theory allow them to do an additional 3 for 1 in the future bringing the total to 135 million shares.
Just my take on it, but I think Crosstex did an outstanding job outlining all of the facts, positive and negative in the proxy and I suggest all read it.
As for the Chief deal, yes, they have a lot riding on it and low prices don't help, but also remember, Devon has a lot riding on it, and even at $5.00mcf, they will make money hand over fist.